| Corporate Bonds — 0.2% |
| Security | Principal Amount (000's omitted) | Value | |
| Other Revenue — 0.2% | |||
| Morongo Band of Mission Indians, 7.00%, 10/1/39(1) | $ | 2,080 | $ 2,175,472 |
| Total Corporate Bonds (identified cost $2,080,000) | $ 2,175,472 | ||
| Tax-Exempt Mortgage-Backed Securities — 0.6% |
| Security | Principal Amount (000's omitted) | Value | |
| Housing — 0.6% | |||
| California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A, 3.50%, 11/20/35 | $ | 6,009 | $ 5,728,392 |
| Total Tax-Exempt Mortgage-Backed Securities (identified cost $5,893,479) | $ 5,728,392 | ||
| Tax-Exempt Municipal Obligations — 86.2% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 8.3% | |||
| California Enterprise Development Authority, (Castilleja School Foundation): | |||
| 4.00%, 6/1/54 | $ | 1,175 | $ 1,099,412 |
| 5.00%, 6/1/49 | 2,500 | 2,736,025 | |
| California Enterprise Development Authority, (Curtis School Foundation): | |||
| 4.00%, 6/1/49 | 1,000 | 962,360 | |
| 4.00%, 6/1/53 | 2,000 | 1,886,560 | |
| California Enterprise Development Authority, (Sage Hill School): | |||
| 4.00%, 12/1/50 | 13,910 | 13,732,091 | |
| 4.00%, 12/1/54 | 6,000 | 5,856,660 | |
| California Enterprise Development Authority, (The Rocklin Academy): | |||
| 5.00%, 6/1/54(1) | 500 | 507,400 | |
| 5.00%, 6/1/64(1) | 2,920 | 2,948,645 | |
| California Infrastructure and Economic Development Bank, (Equitable School Revolving Fund LLC): | |||
| 5.00%, 11/1/35 | 130 | 147,469 | |
| 5.00%, 11/1/42 | 275 | 302,803 | |
| California Infrastructure and Economic Development Bank, (The Colburn School), Social Bonds, 4.50%, (SIFMA + 0.90%), 6/1/27 (Put Date), 8/1/72(2) | 5,750 | 5,745,400 | |
| Security | Principal Amount (000's omitted) | Value | |
| Education (continued) | |||
| California Municipal Finance Authority (St. Ignatius College Preparatory): | |||
| 5.00%, 9/1/43 | $ | 985 | $ 1,097,241 |
| 5.00%, 9/1/49 | 3,150 | 3,441,595 | |
| 5.00%, 9/1/54 | 4,000 | 4,334,080 | |
| California School Finance Authority, (Alliance for College Ready Public Schools): | |||
| 4.00%, 7/1/34(1) | 1,000 | 988,790 | |
| 5.00%, 7/1/39(1) | 270 | 286,764 | |
| 5.00%, 7/1/49(1) | 1,000 | 1,031,000 | |
| 5.00%, 7/1/59(1) | 1,700 | 1,726,826 | |
| California School Finance Authority, (Granada Hills Charter Obligated Group): | |||
| 5.00%, 7/1/54(1) | 1,050 | 1,079,222 | |
| 5.00%, 7/1/64(1) | 3,000 | 3,061,470 | |
| California School Finance Authority, (Green Dot Public Schools): | |||
| 5.00%, 8/1/28(1) | 570 | 593,256 | |
| 5.00%, 8/1/38(1) | 2,500 | 2,558,650 | |
| University of California, 4.00%, 5/15/40 | 11,875 | 11,877,494 | |
| University of California Medical Center, 5.00%, 5/15/47 | 11,240 | 12,105,368 | |
| $ 80,106,581 | |||
| Electric Utilities — 3.4% | |||
| Los Angeles Department of Water and Power, CA, Power System Revenue: | |||
| 5.00%, 7/1/42 | $ | 6,525 | $ 6,724,991 |
| 5.00%, 7/1/49 | 9,185 | 9,526,866 | |
| 5.00%, 7/1/52 | 3,340 | 3,613,847 | |
| Southern California Public Power Authority, CA, (Southern Transmission System), 5.25%, 7/1/53 | 9,055 | 10,004,688 | |
| Trinity Public Utilities District, CA, Green Bonds, 3.00%, 4/1/31 | 1,190 | 1,042,904 | |
| Vernon, CA, Electric System Revenue, 5.00%, 8/1/35 | 1,420 | 1,556,022 | |
| $ 32,469,318 | |||
| General Obligations — 26.8% | |||
| ABC Unified School District, CA, (Election of 2018): | |||
| 4.00%, 8/1/46 | $ | 1,990 | $ 1,999,612 |
| 4.00%, 8/1/47 | 5,780 | 5,797,167 | |
| Beverly Hills Unified School District, CA, (Election of 2008): | |||
| 0.00%, 8/1/30 | 7,750 | 6,483,572 | |
| 0.00%, 8/1/32 | 6,465 | 5,036,881 | |
| Beverly Hills Unified School District, CA, (Election of 2018), 3.25%, 8/1/42 | 9,960 | 9,157,821 | |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| California: | |||
| 4.00%, 3/1/37 | $ | 11,500 | $ 11,842,125 |
| 4.55%, 12/1/37 | 1,000 | 1,062,790 | |
| 5.00%, 11/1/42 | 10,000 | 11,033,800 | |
| Chico Unified School District, CA, 4.00%, 8/1/37 | 2,200 | 2,199,670 | |
| Clovis Unified School District, CA, (Election of 2020), 5.25%, 8/1/39 | 1,860 | 2,049,367 | |
| Culver City Unified School District, CA, (Election of 2024): | |||
| 4.00%, 8/1/44 | 6,640 | 6,639,734 | |
| 4.00%, 8/1/46 | 3,185 | 3,187,771 | |
| Fairfield-Suisun Unified School District, CA, 0.00%, 2/1/29 | 590 | 520,946 | |
| Folsom Cordova Unified School District School Facilities Improvement District No. 5, CA, (Election of 2014), 4.00%, 10/1/40 | 4,355 | 4,329,567 | |
| Folsom Cordova Unified School District, CA: | |||
| 5.00%, 10/1/33(3) | 1,120 | 1,258,802 | |
| 5.00%, 10/1/33(3) | 1,430 | 1,607,220 | |
| 5.00%, 10/1/34(3) | 1,260 | 1,424,972 | |
| 5.00%, 10/1/35(3) | 1,400 | 1,576,512 | |
| 5.00%, 10/1/36(3) | 1,560 | 1,752,910 | |
| Gilroy Unified School District, CA, (Election of 2016), 4.00%, 8/1/41 | 2,000 | 1,999,980 | |
| Hacienda La Puente Unified School District, CA, (Election of 2016): | |||
| 4.00%, 8/1/41 | 1,800 | 1,830,348 | |
| 4.00%, 8/1/42 | 2,000 | 2,027,740 | |
| 4.00%, 8/1/43 | 1,695 | 1,713,221 | |
| Jefferson Union High School District, CA, (Election of 2020), 4.125%, 8/1/46 | 2,000 | 2,019,580 | |
| Kentfield School District, CA: | |||
| 5.00%, 8/1/35(3) | 2,340 | 2,668,817 | |
| 5.00%, 8/1/37(3) | 1,725 | 1,947,697 | |
| 5.00%, 8/1/39(3) | 1,000 | 1,118,230 | |
| 5.00%, 8/1/40(3) | 1,150 | 1,280,226 | |
| 5.00%, 8/1/41(3) | 985 | 1,088,514 | |
| 5.00%, 8/1/42(3) | 1,075 | 1,180,780 | |
| 5.00%, 8/1/44(3) | 1,630 | 1,770,979 | |
| Kern Community College District, CA, (Election of 2016): | |||
| 5.25%, 8/1/37 | 1,500 | 1,723,845 | |
| 5.25%, 8/1/41 | 1,000 | 1,131,360 | |
| La Canada Unified School District, CA, (Election of 2017): | |||
| 5.25%, 8/1/41 | 1,190 | 1,363,252 | |
| 5.50%, 8/1/43 | 1,780 | 2,055,651 | |
| 5.75%, 8/1/50 | 4,000 | 4,639,200 | |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| Long Beach Unified School District, CA, (Election of 2016), 4.00%, 8/1/39 | $ | 2,095 | $ 2,101,620 |
| Los Angeles Unified School District, CA, Sustainability Bonds, 5.00%, 7/1/39 | 4,000 | 4,606,160 | |
| Los Angeles Unified School District, CA, (Election of 2008), 4.00%, 7/1/40 | 18,000 | 17,999,820 | |
| Madera Unified School District, CA, (Election of 2018): | |||
| 5.00%, 8/1/43 | 1,435 | 1,627,233 | |
| 5.00%, 8/1/46 | 3,250 | 3,616,210 | |
| Mill Valley School District, CA, (Election of 2022): | |||
| 4.00%, 8/1/43 | 540 | 548,786 | |
| 4.00%, 8/1/45 | 1,145 | 1,151,481 | |
| Milpitas Unified School District, CA, (Election of 2018): | |||
| 4.00%, 8/1/39 | 3,780 | 3,958,832 | |
| 4.00%, 8/1/40 | 4,075 | 4,218,644 | |
| 4.00%, 8/1/42 | 2,360 | 2,408,168 | |
| Monterey Peninsula Unified School District, CA, 4.00%, 8/1/45 | 11,000 | 11,000,000 | |
| Morgan Hill Unified School District, CA, (Election of 2012): | |||
| 5.25%, 8/1/40 | 3,860 | 4,366,548 | |
| 5.25%, 8/1/41 | 2,440 | 2,750,026 | |
| 5.25%, 8/1/42 | 2,000 | 2,245,420 | |
| Mountain View Whisman School District, CA, (Election of 2020): | |||
| 4.00%, 9/1/38 | 1,000 | 1,027,200 | |
| 4.00%, 9/1/39 | 2,200 | 2,247,762 | |
| 4.00%, 9/1/40 | 1,300 | 1,323,452 | |
| 4.00%, 9/1/41 | 1,100 | 1,116,533 | |
| 4.00%, 9/1/42 | 1,250 | 1,266,225 | |
| Pajaro Valley Unified School District, CA, 4.00%, 8/1/45 | 10,000 | 10,040,000 | |
| Palo Alto Unified School District, CA, (Election of 2008), 0.00%, 8/1/33 | 15,995 | 12,036,717 | |
| Palo Alto Unified School District, CA, (Election of 2018), 3.25%, 8/1/42 | 3,300 | 3,040,653 | |
| Placentia-Yorba Linda Unified School District, CA, 3.00%, 8/1/39 | 2,000 | 1,789,800 | |
| Puerto Rico: | |||
| 0.00%, 7/1/33 | 638 | 432,136 | |
| 5.625%, 7/1/29 | 3,045 | 3,245,391 | |
| Rowland Unified School District, CA, 4.00%, 8/1/43 | 1,390 | 1,419,593 | |
| San Bernardino Community College District, CA, (Election of 2018), 4.125%, 8/1/49 | 5,835 | 5,885,589 | |
| San Carlos School District, CA: | |||
| 4.00%, 10/1/43 | 2,060 | 2,109,543 | |
| 4.00%, 10/1/44 | 40 | 40,593 | |
| 5.00%, 10/1/42 | 500 | 564,560 | |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations (continued) | |||
| San Carlos School District, CA, (Election of 2024): | |||
| 5.00%, 10/1/42 | $ | 320 | $ 361,318 |
| 5.00%, 10/1/43 | 400 | 449,056 | |
| San Diego Unified School District, CA, (Election of 2022), Sustainability Bonds, 5.00%, 7/1/42 | 60 | 68,575 | |
| San Jose-Evergreen Community College District, CA, (Election of 2016): | |||
| 4.00%, 9/1/41 | 1,600 | 1,640,032 | |
| 4.00%, 9/1/42 | 2,000 | 2,041,960 | |
| San Rafael City Elementary School District, CA, (Election of 2022), 4.00%, 8/1/42 | 1,240 | 1,257,335 | |
| Santa Clarita Community College District, CA, 5.25%, 8/1/45 | 2,420 | 2,683,756 | |
| Santa Monica-Malibu Unified School District, CA, (Election of 2018), 5.00%, 8/1/40 | 7,420 | 8,211,269 | |
| Torrance Unified School District, CA, (Election of 2008), 4.00%, 8/1/39 | 7,855 | 7,891,761 | |
| Washington Unified School District, CA, (Election of 2020): | |||
| 4.00%, 8/1/41 | 1,965 | 2,018,369 | |
| 4.00%, 8/1/43 | 2,400 | 2,441,280 | |
| 4.00%, 8/1/44 | 2,640 | 2,667,482 | |
| 4.25%, 8/1/50 | 2,170 | 2,212,033 | |
| West Valley-Mission Community College District, CA, (Election of 2012), 4.00%, 8/1/40 | 4,420 | 4,420,354 | |
| $259,069,934 | |||
| Hospital — 7.2% | |||
| California Health Facilities Financing Authority, 5.00% to 10/1/25 (Put Date), 10/1/39 | $ | 1,485 | $ 1,501,320 |
| California Health Facilities Financing Authority, (Adventist Health System), 5.25%, 12/1/43 | 1,825 | 1,967,770 | |
| California Health Facilities Financing Authority, (Cedars-Sinai Health System): | |||
| 3.00%, 8/15/51 | 7,565 | 6,057,069 | |
| 5.00%, 8/15/51 | 4,620 | 4,923,488 | |
| California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 4.00%, 8/15/36 | 8,920 | 8,956,929 | |
| California Health Facilities Financing Authority, (City of Hope): | |||
| 5.00%, 11/15/32 | 735 | 735,808 | |
| 5.00%, 11/15/35 | 1,050 | 1,051,092 | |
| California Health Facilities Financing Authority, (Kaiser Permanente), 5.00%, 11/1/47 | 21,500 | 24,966,875 | |
| California Health Facilities Financing Authority, (Providence Health & Services), 5.00%, 10/1/44 | 3,010 | 3,015,990 | |
| California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/46 | 3,000 | 3,057,930 | |
| Security | Principal Amount (000's omitted) | Value | |
| Hospital (continued) | |||
| California Infrastructure and Economic Development Bank, (Adventist Health Energy), 5.00%, 7/1/43 | $ | 1,320 | $ 1,400,388 |
| California Municipal Finance Authority, (NorthBay Healthcare Group): | |||
| 5.00%, 11/1/26 | 500 | 505,700 | |
| Series 2017A, 5.00%, 11/1/25 | 800 | 804,360 | |
| California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/33 | 425 | 432,437 | |
| California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/38 | 2,000 | 2,084,900 | |
| University of California Medical Center: | |||
| 3.70%, 5/15/45(4) | 3,000 | 3,000,000 | |
| 5.00%, 5/15/41 | 5,000 | 5,091,700 | |
| $ 69,553,756 | |||
| Housing — 2.2% | |||
| California Housing Finance Agency, Sustainability Bonds, 3.60% to 8/1/26 (Put Date), 8/1/63 | $ | 1,500 | $ 1,499,985 |
| California Housing Finance Agency, (Shoreview Apartments), (FHLMC), 4.10%, 7/1/40 | 5,000 | 4,962,900 | |
| California Municipal Finance Authority (Caritas Corp.): | |||
| Social Bonds, 5.00%, 8/15/49 | 1,000 | 1,052,730 | |
| Social Bonds, 5.00%, 8/15/54 | 1,000 | 1,046,500 | |
| California Municipal Finance Authority, (Gibson Drive Apartments), (FNMA), 4.45%, 12/1/42 | 2,385 | 2,400,479 | |
| CSCDA Community Improvement Authority, CA, (City of Orange Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 3/1/57(1) | 5,000 | 3,384,150 | |
| CSCDA Community Improvement Authority, CA, (Pasadena Portfolio), Essential Housing Revenue, Social Bonds, 3.00%, 12/1/56(1) | 2,525 | 1,745,330 | |
| Independent Cities Finance Authority, CA, (Castle Mobile Estates), 3.00%, 5/15/36 | 1,205 | 1,092,875 | |
| Independent Cities Finance Authority, CA, (Vista de Santa Barbara Mobilehome Park), 3.00%, 9/15/36 | 1,625 | 1,468,090 | |
| Los Angeles Housing Authority, CA, (Claredon Apartments), 4.15%, 12/1/44 | 2,500 | 2,452,025 | |
| $ 21,105,064 | |||
| Industrial Development Revenue — 2.0% | |||
| California Municipal Finance Authority, (Republic Services, Inc.), (AMT), 4.375% to 9/1/33 (Put Date), 9/1/53 | $ | 2,000 | $ 2,048,760 |
| California Municipal Finance Authority, (United Airlines, Inc. Los Angeles International Airport), (AMT), 4.00%, 7/15/29 | 10,130 | 9,981,292 | |
| Security | Principal Amount (000's omitted) | Value | |
| Industrial Development Revenue (continued) | |||
| California Municipal Finance Authority, (Waste Management, Inc.): | |||
| (AMT), 4.125% to 10/1/25 (Put Date), 10/1/41 | $ | 4,500 | $ 4,500,720 |
| (AMT), 4.25% to 12/1/25 (Put Date), 12/1/44 | 3,000 | 3,000,150 | |
| $ 19,530,922 | |||
| Insured - Electric Utilities — 0.2% | |||
| Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32 | $ | 2,100 | $ 2,078,307 |
| $ 2,078,307 | |||
| Insured - General Obligations — 3.2% | |||
| El Rancho Unified School District, CA, (Election of 2016), (BAM), 5.75%, 8/1/48 | $ | 1,500 | $ 1,735,890 |
| Folsom Cordova Unified School District, CA, (AGM), 4.00%, 10/1/39 | 2,900 | 2,900,319 | |
| Glendale Unified School District, CA, (Election of 2011), (BAM), 3.00%, 9/1/39 | 8,140 | 7,409,516 | |
| Holtville Unified School District, CA, (Election of 2018), (AGM), 6.00%, 8/1/52 | 1,000 | 1,134,110 | |
| Lemoore Union Elementary School District, CA, (Election of 2018), (AGM), 5.50%, 8/1/53 | 1,000 | 1,084,740 | |
| Long Beach Unified School District, CA, (Election of 1999), (AGC), 0.00%, 8/1/27 | 3,265 | 3,004,061 | |
| McFarland Unified School District, CA, (Election of 2020), (BAM), 5.25%, 11/1/49 | 2,500 | 2,633,175 | |
| Palo Verde Unified School District, CA, (Election of 2018), (AGM), 5.50%, 8/1/50 | 1,200 | 1,297,284 | |
| Riverbank Unified School District, CA, (Election of 2018), (AGM), 5.50%, 8/1/52 | 1,000 | 1,113,930 | |
| Simi Valley Unified School District, CA, (Election of 2004), (AGM), 0.00%, 8/1/28 | 5,000 | 4,482,650 | |
| Ukiah Unified School District, CA, (Election of 2020), (AGM), 5.50%, 8/1/49 | 2,350 | 2,616,890 | |
| Washington Township Health Care District, CA, (Election of 2020), (AGM), 4.125%, 8/1/42 | 1,000 | 1,017,390 | |
| $ 30,429,955 | |||
| Insured - Hospital — 1.4% | |||
| California Health Facilities Financing Authority, (Adventist Health System), (AGM), 4.00%, 3/1/39 | $ | 5,530 | $ 5,543,880 |
| California Health Facilities Financing Authority, (Cedars-Sinai Health System), (BAM), 3.00%, 8/15/51 | 10,000 | 8,215,200 | |
| $ 13,759,080 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Special Tax Revenue — 0.6% | |||
| RNR School Financing Authority Community Facilities District No. 92-1, CA: | |||
| (BAM), 4.00%, 9/1/40 | $ | 1,000 | $ 1,017,780 |
| (BAM), 4.00%, 9/1/42 | 1,000 | 1,002,610 | |
| San Francisco City and County Redevelopment Agency, CA, (Transbay Infrastructure Project), (AGM), 5.00%, 8/1/48 | 2,000 | 2,169,300 | |
| Temecula Valley Unified School District Financing Authority, CA, (BAM), 5.00%, 9/1/35 | 1,710 | 2,008,805 | |
| $ 6,198,495 | |||
| Insured - Transportation — 0.1% | |||
| Long Beach, CA, (Long Beach Airport), (AGM), (AMT), 5.25%, 6/1/47 | $ | 1,000 | $ 1,060,770 |
| $ 1,060,770 | |||
| Insured - Water and Sewer — 0.4% | |||
| Mountain House Financing Authority, CA, Utility Systems Revenue, Green Bonds, (BAM), 4.125%, 12/1/48 | $ | 3,545 | $ 3,544,929 |
| $ 3,544,929 | |||
| Other Revenue — 6.3% | |||
| California Community Choice Financing Authority, Clean Energy Project Revenue: | |||
| Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | $ | 8,030 | $ 8,399,540 |
| Green Bonds, 5.00% to 8/1/32 (Put Date), 11/1/55 | 15,000 | 15,800,250 | |
| Green Bonds, 5.00% to 9/1/32 (Put Date), 2/1/55 | 10,000 | 10,755,300 | |
| Green Bonds, 5.00% to 12/1/32 (Put Date), 1/1/55 | 7,000 | 7,387,380 | |
| Green Bonds, 5.25% to 4/1/30 (Put Date), 11/1/54 | 10,020 | 10,615,589 | |
| Green Bonds, 5.50% to 11/1/30 (Put Date), 10/1/54 | 4,355 | 4,741,550 | |
| California Public Finance Authority, (Hazelden Betty Ford Foundation): | |||
| 5.00%, 11/1/49(3) | 750 | 789,180 | |
| 5.00%, 11/1/54(3) | 2,000 | 2,096,320 | |
| Morongo Band of Mission Indians, CA, 5.00%, 10/1/42(1) | 440 | 447,476 | |
| $ 61,032,585 | |||
| Senior Living/Life Care — 1.6% | |||
| California Health Facilities Financing Authority, (Episcopal Communities and Services): | |||
| 3.85%, 11/15/27 | $ | 1,500 | $ 1,499,865 |
| 5.25%, 11/15/48 | 1,645 | 1,714,057 | |
| California Municipal Finance Authority, (HumanGood - California Obligated Group), 4.00%, 10/1/38 | 3,790 | 3,671,335 | |
| California Public Finance Authority, (Enso Village): | |||
| Green Bonds, 3.125%, 5/15/29(1) | 2,510 | 2,447,225 | |
| Green Bonds, 5.00%, 11/15/46(1) | 1,075 | 1,014,865 | |
| Security | Principal Amount (000's omitted) | Value | |
| Senior Living/Life Care (continued) | |||
| California Statewide Communities Development Authority, (Moldaw Residences): | |||
| 5.00%, 11/1/39 | $ | 3,000 | $ 3,328,470 |
| 5.00%, 11/1/49 | 2,000 | 2,147,080 | |
| $ 15,822,897 | |||
| Special Tax Revenue — 0.4% | |||
| Irvine Community Facilities District No. 2013-3, CA, (Great Park): | |||
| 5.00%, 9/1/35 | $ | 1,150 | $ 1,192,527 |
| 5.00%, 9/1/38 | 1,000 | 1,035,460 | |
| Series 2018, 5.00%, 9/1/32 | 625 | 648,812 | |
| Series 2018, 5.00%, 9/1/34 | 765 | 793,588 | |
| San Luis Obispo Community Facilities District No. 2019-1, CA, (San Luis Ranch), 4.00%, 9/1/33 | 125 | 125,975 | |
| $ 3,796,362 | |||
| Transportation — 15.6% | |||
| Bay Area Toll Authority, CA, (San Francisco Bay Area): | |||
| 3.90%, (SIFMA + 0.30%), 4/1/56(2) | $ | 5,000 | $ 4,929,800 |
| 4.05%, (SIFMA + 0.45%), 4/1/56(2) | 800 | 796,232 | |
| (LOC: Bank of America, N.A.), 3.70%, 4/1/59(4) | 3,200 | 3,200,000 | |
| (LOC: Barclays Bank PLC), 3.60%, 4/1/55(4) | 6,750 | 6,750,000 | |
| (LOC: Barclays Bank PLC), 3.70%, 4/1/55(4) | 4,150 | 4,150,000 | |
| Burbank-Glendale-Pasadena Airport Authority, CA, (AMT), 5.25%, 7/1/49 | 2,500 | 2,660,800 | |
| California Infrastructure and Economic Development Bank, (Brightline West Passenger Rail), (AMT), 8.00% to 8/15/25 (Put Date), 1/1/50(1) | 4,170 | 4,284,967 | |
| California Municipal Finance Authority, (LINXS Automated People Mover): | |||
| (AMT), 5.00%, 12/31/37 | 2,570 | 2,627,311 | |
| (AMT), 5.00%, 12/31/43 | 9,220 | 9,307,129 | |
| (AMT), 5.00%, 12/31/47 | 2,650 | 2,664,814 | |
| Los Angeles Department of Airports, CA, (Los Angeles International Airport): | |||
| (AMT), 5.00%, 5/15/38 | 3,215 | 3,291,131 | |
| (AMT), 5.00%, 5/15/41 | 10,635 | 10,655,526 | |
| (AMT), 5.00%, 5/15/44 | 3,700 | 3,792,204 | |
| (AMT), 5.00%, 5/15/45 | 4,670 | 4,675,838 | |
| (AMT), 5.00%, 5/15/48 | 2,520 | 2,581,816 | |
| (AMT), 5.00%, 5/15/49 | 8,900 | 9,080,136 | |
| (AMT), 5.25%, 5/15/48 | 9,395 | 9,663,979 | |
| (AMT), 5.50%, 5/15/47 | 10,000 | 10,759,600 | |
| Sacramento County, CA, Airport System Revenue, 5.00%, 7/1/54 | 2,000 | 2,163,120 | |
| Security | Principal Amount (000's omitted) | Value | |
| Transportation (continued) | |||
| San Diego County Regional Airport Authority, CA, (San Diego International Airport): | |||
| 5.00%, 7/1/47 | $ | 5,770 | $ 5,944,023 |
| (AMT), 5.00%, 7/1/39 | 3,000 | 3,245,670 | |
| (AMT), 5.00%, 7/1/42 | 6,850 | 7,324,225 | |
| (AMT), 5.00%, 7/1/43 | 7,240 | 7,712,482 | |
| San Francisco City and County Airport Commission, CA, (San Francisco International Airport): | |||
| (AMT), 5.00%, 5/1/41 | 4,450 | 4,482,218 | |
| (AMT), 5.00%, 5/1/43 | 5,015 | 5,094,036 | |
| (AMT), 5.00%, 5/1/46 | 2,985 | 3,000,074 | |
| (AMT), 5.00%, 5/1/49 | 5,000 | 5,108,200 | |
| (AMT), 5.75%, 5/1/48 | 9,500 | 10,479,260 | |
| $150,424,591 | |||
| Water and Sewer — 6.5% | |||
| Los Angeles Department of Water and Power, CA, Water System Revenue: | |||
| 5.00%, 7/1/41 | $ | 12,325 | $ 13,397,275 |
| 5.00%, 7/1/47 | 5,920 | 6,316,640 | |
| (SPA: Barclays Bank PLC), 3.60%, 7/1/45(4) | 1,250 | 1,250,000 | |
| Los Angeles, CA, Wastewater System Revenue, Green Bonds, 5.00%, 6/1/48 | 7,875 | 8,191,024 | |
| Rancho California Water District Financing Authority, 4.00%, 8/1/37 | 2,750 | 2,868,223 | |
| San Diego Public Facilities Financing Authority, CA, 5.00%, 5/15/46 | 9,000 | 9,980,010 | |
| San Francisco City and County Public Utilities Commission, CA, Water Revenue, 4.00%, 11/1/39 | 15,010 | 15,032,815 | |
| San Mateo-Foster City Public Financing Authority, CA, (Clean Water Program), 5.00%, 8/1/49 | 5,555 | 5,827,028 | |
| $ 62,863,015 | |||
| Total Tax-Exempt Municipal Obligations (identified cost $821,246,124) | $832,846,561 | ||
| Taxable Municipal Obligations — 14.0% |
| Security | Principal Amount (000's omitted) | Value | |
| Education — 1.1% | |||
| California Municipal Finance Authority, (Albert Einstein Academies), 3.75%, 8/1/31(1) | $ | 2,415 | $ 2,108,899 |
| University of California: | |||
| 3.063%, 7/1/25 | 3,825 | 3,802,470 | |
| Security | Principal Amount (000's omitted) | Value | |
| Education (continued) | |||
| University of California: (continued) | |||
| 4.40%, 7/1/41(5) | $ | 4,500 | $ 4,500,000 |
| $ 10,411,369 | |||
| General Obligations — 3.4% | |||
| California: | |||
| 2.40%, 10/1/25 | $ | 4,640 | $ 4,573,323 |
| 7.50%, 4/1/34(6) | 8,000 | 9,136,160 | |
| Chaffey Community College District, CA: | |||
| 4.756%, 6/1/31 | 3,045 | 3,046,127 | |
| 4.812%, 6/1/32 | 2,870 | 2,866,987 | |
| Huntington Beach Union High School District, CA, 1.884%, 8/1/29 | 1,775 | 1,572,650 | |
| Los Angeles, CA, 3.00%, 9/1/26 | 2,820 | 2,765,771 | |
| Palmdale School District, CA, 1.67%, 8/1/29 | 500 | 438,635 | |
| San Diego Community College District, CA, 2.013%, 8/1/30 | 2,600 | 2,269,436 | |
| San Diego Unified School District, CA, (Election of 2022), Sustainability Bonds, 4.446%, 7/1/25 | 5,000 | 5,001,800 | |
| San Mateo Union High School District, CA, 2.111%, 9/1/34 | 1,220 | 953,723 | |
| $ 32,624,612 | |||
| Hospital — 0.2% | |||
| California Infrastructure and Economic Development Bank, (Adventist Health Energy), 5.929%, 7/1/34 | $ | 2,150 | $ 2,125,619 |
| $ 2,125,619 | |||
| Housing — 1.3% | |||
| California Municipal Finance Authority, (View At San Bruno LP), 4.50% to 7/1/27 (Put Date), 7/1/28 | $ | 10,000 | $ 9,988,700 |
| Independent Cities Finance Authority, CA, (Sahara Mobile Home Park): | |||
| 3.20%, 6/15/41 | 775 | 564,293 | |
| 3.20%, 6/15/56 | 3,685 | 2,280,131 | |
| $ 12,833,124 | |||
| Insured - General Obligations — 0.0%(7) | |||
| Mojave Unified School District, CA, (BAM), 2.731%, 8/1/37 | $ | 500 | $ 385,840 |
| $ 385,840 | |||
| Insured - Lease Revenue/Certificates of Participation — 0.8% | |||
| Anaheim, CA, Public Financing Authority, (Public Improvements), (AGM), 1.643%, 7/1/25 | $ | 7,850 | $ 7,736,332 |
| $ 7,736,332 | |||
| Security | Principal Amount (000's omitted) | Value | |
| Insured - Special Tax Revenue — 0.2% | |||
| Rio Elementary School District Community Facilities District No. 1, CA: | |||
| (BAM), 1.826%, 9/1/28 | $ | 1,000 | $ 895,030 |
| (BAM), 2.307%, 9/1/31 | 1,500 | 1,252,950 | |
| $ 2,147,980 | |||
| Insured - Transportation — 1.5% | |||
| Alameda Corridor Transportation Authority, CA: | |||
| (AGM), (AMBAC), 0.00%, 10/1/26 | $ | 6,700 | $ 6,176,663 |
| (AMBAC), 0.00%, 10/1/27 | 740 | 646,523 | |
| (AMBAC), 0.00%, 10/1/28 | 1,010 | 837,694 | |
| San Joaquin Hills Transportation Corridor Agency, CA, (AGM), 2.303%, 1/15/28 | 7,145 | 6,679,361 | |
| $ 14,340,241 | |||
| Lease Revenue/Certificates of Participation — 0.7% | |||
| California State Public Works Board: | |||
| 4.859%, 4/1/28 | $ | 3,000 | $ 3,017,220 |
| 4.879%, 4/1/29 | 1,500 | 1,507,515 | |
| 4.917%, 4/1/27 | 2,000 | 2,014,880 | |
| $ 6,539,615 | |||
| Special Tax Revenue — 0.7% | |||
| Los Angeles County Metropolitan Transportation Authority, CA, Sales Tax Revenue: | |||
| 4.654%, 7/1/28 | $ | 1,640 | $ 1,648,971 |
| 4.726%, 7/1/27 | 2,000 | 2,015,760 | |
| 4.792%, 7/1/26 | 1,250 | 1,259,225 | |
| Riverside Unified School District Financing Authority, CA, 1.463%, 9/1/25 | 800 | 785,536 | |
| Successor Agency to San Diego Redevelopment Agency, CA: | |||
| 3.625%, 9/1/25 | 250 | 248,797 | |
| 3.75%, 9/1/26 | 250 | 247,265 | |
| $ 6,205,554 | |||
| Transportation — 0.5% | |||
| Bay Area Toll Authority, CA, (San Francisco Bay Area), 2.574%, 4/1/31 | $ | 5,145 | $ 4,698,465 |
| $ 4,698,465 | |||
| Water and Sewer — 3.6% | |||
| Los Angeles, CA, Wastewater System Revenue, Green Bonds, 3.044%, 6/1/25 | $ | 2,000 | $ 1,988,380 |
| Security | Principal Amount (000's omitted) | Value | |
| Water and Sewer (continued) | |||
| Metropolitan Water District of Southern California, (SPA: TD Bank, N.A.), 4.40%, 7/1/37(5) | $ | 33,200 | $ 33,200,000 |
| $ 35,188,380 | |||
| Total Taxable Municipal Obligations (identified cost $137,322,588) | $135,237,131 | ||
| Total Investments — 101.0% (identified cost $966,542,191) | $975,987,556 | ||
| Other Assets, Less Liabilities — (1.0)% | $ (9,731,695) | ||
| Net Assets — 100.0% | $966,255,861 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2024, the aggregate value of these securities is $32,390,407 or 3.4% of the Fund's net assets. |
| (2) | Floating rate security. The stated interest rate represents the rate in effect at December 31, 2024. |
| (3) | When-issued security. |
| (4) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at December 31, 2024. |
| (5) | Variable rate demand obligation that may be tendered at par on any day for payment the lesser of 5 business days or 7 calendar days. The stated interest rate, which generally resets weekly, is determined by the remarketing agent and represents the rate in effect at December 31, 2024. |
| (6) | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
| (7) | Amount is less than 0.05%. |
| The Fund invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At December 31, 2024, 8.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.2% to 4.6% of total investments. | |
| Abbreviations: | |
| AGC | – Assured Guaranty Corp. |
| AGM | – Assured Guaranty Municipal Corp. |
| AMBAC | – AMBAC Financial Group, Inc. |
| AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
| BAM | – Build America Mutual Assurance Co. |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| LOC | – Letter of Credit |
| NPFG | – National Public Finance Guarantee Corp. |
| SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
| SPA | – Standby Bond Purchase Agreement |
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | $ — | $ 2,175,472 | $ — | $ 2,175,472 |
| Tax-Exempt Mortgage-Backed Securities | — | 5,728,392 | — | 5,728,392 |
| Tax-Exempt Municipal Obligations | — | 832,846,561 | — | 832,846,561 |
| Taxable Municipal Obligations | — | 135,237,131 | — | 135,237,131 |
| Total Investments | $ — | $975,987,556 | $ — | $975,987,556 |
